Triveni Turbine Limited (TRITURBINE.NS) Bundle
Snapshot your investment lens on Triveni Turbine as we unpack a year of highs and headwinds: FY25 delivered a record revenue of ₹20.06 billion (up 21% YoY) and order bookings of ₹23.63 billion (up 26% YoY), with EBITDA surging to ₹5.18 billion at a 25.8% margin and PAT of ₹3.59 billion, yet Q1 FY26 flagged a sharp pullback-revenues fell 19.9% to ₹371.3 crore and net profit slipped 19.3% to ₹64.5 crore-while the balance sheet shows zero long-term debt, net worth up 26.5% to ₹12.13 billion, current assets of ₹16.58 billion versus current liabilities of ₹7.465 billion, and a closing order book of ₹19.09 billion as of 31 Mar 2025; market expectations sit at analyst targets of ₹700/₹656 and a forward P/E of 36.1x/32.0x (FY27/28E), set against a 3‑ and 5‑year stock rally of 252% and 847%, a 52‑week band of ₹455.15-₹885, RSI at 44.7 and persistent bearish technicals-read on to see how these figures translate into risk, valuation and growth implications for investors
Triveni Turbine Limited (TRITURBINE.NS) - Revenue Analysis
Triveni Turbine reported record full-year revenue in FY25 and displayed mixed quarterly momentum into FY26, driven by product-led domestic demand, strong exports in FY25 Q1, and subsequent geopolitical headwinds in Q1 FY26.- FY25 total revenue: ₹20.06 billion (₹2,006 crore), up 21% year-over-year.
- FY25 order bookings: ₹23.63 billion, up 26% year-over-year, reflecting healthy demand pipeline.
- Q1 FY25 revenue: ₹4.63 billion (₹463 crore), up 23% year-over-year; exports = 47% of sales.
- Q1 FY26 revenue: ₹371.3 crore (down 19.9% YoY), impacted by geopolitical uncertainties affecting export orders.
- Q1 FY26 net profit: ₹64.5 crore (down 19.3% YoY), concurrent with the revenue decline.
- Order book (closing as on 31 Mar 2025): ₹19.09 billion (₹1,909 crore), up 23% YoY, indicating sustained backlog.
| Period | Revenue | YoY % Change | Net Profit | Order Book / Notes |
|---|---|---|---|---|
| FY25 (full year) | ₹20.06 billion (₹2,006 crore) | +21% | - | Order bookings ₹23.63 billion (+26% YoY) |
| Q1 FY25 | ₹4.63 billion (₹463 crore) | +23% | - | Exports = 47% of sales |
| Q1 FY26 | ₹371.3 crore (₹3.713 billion equivalent note) | -19.9% | ₹64.5 crore (-19.3% YoY) | Geopolitical headwinds hit export orders |
| Closing Order Book (31 Mar 2025) | ₹19.09 billion (₹1,909 crore) | +23% YoY | - | Backlog supports medium-term revenue visibility |
- Primary revenue drivers: increased domestic & product-led demand, strong order intake in FY25.
- Short-term headwinds: export volatility and geopolitical uncertainty led to Q1 FY26 revenue contraction.
- Balance to watch: large order book (₹19.09 billion) provides cushion; conversion timing and export recovery are key for near-term revenue rebound.
Triveni Turbine Limited (TRITURBINE.NS) - Profitability Metrics
- FY25 EBITDA: ₹5.18 billion (up 35.9% YoY); EBITDA margin: 25.8% (expansion ~280 bps).
- FY25 Profit Before Tax (PBT): ₹4.88 billion (up 36.6% YoY).
- FY25 Profit After Tax (PAT): ₹3.59 billion (up 33% YoY).
- Q1 FY25: EBITDA and PBT grew ~36% and ~37% YoY respectively, with margin expansion of ~240 bps.
- Q1 FY26: Net profit declined 19.3% to ₹64.5 crore; EBITDA fell 22.1% to ₹73.8 crore; EBITDA margin fell to 19.8% from 20.6% YoY.
| Metric | Period | Value | YoY Change | Margin / Notes |
|---|---|---|---|---|
| EBITDA | FY25 | ₹5.18 billion | +35.9% | 25.8% (↑ ~280 bps) |
| PBT | FY25 | ₹4.88 billion | +36.6% | - |
| PAT | FY25 | ₹3.59 billion | +33.0% | - |
| EBITDA | Q1 FY25 (YoY growth) | - | +36% | Margin expansion ~240 bps |
| EBITDA | Q1 FY26 | ₹73.8 crore | -22.1% | 19.8% (from 20.6% in Q1 FY25) |
| PBT / Net profit | Q1 FY26 | Net profit ₹64.5 crore | -19.3% | - |
For additional investor context and shareholding dynamics, see: Exploring Triveni Turbine Limited Investor Profile: Who's Buying and Why?
Triveni Turbine Limited (TRITURBINE.NS) - Debt vs. Equity Structure
Triveni Turbine Limited entered FY25 with a markedly equity-oriented capital structure and no long-term borrowings. Key balance-sheet movements in FY25 reflect growth in shareholder funds alongside rising short-term obligations and asset expansion.- Long-term debt: Nil as of March 31, 2025 (debt-free capital structure).
- Net worth: Increased 26.5% to ₹12.13 billion in FY25.
- Current liabilities: ₹7.465 billion in FY25, up 11.6% year-over-year.
- Total liabilities: Grew 21.8% to ₹20.14 billion in FY25.
- Current assets: Rose 24.5% to ₹16.58 billion in FY25.
- Fixed assets: Increased 10.5% to ₹3.56 billion in FY25.
- Total assets and liabilities: ₹20.00 billion in FY25, up 22% from ₹17.00 billion in FY24.
| Item | FY24 | FY25 | Change (%) |
|---|---|---|---|
| Net worth | ₹9.59 billion | ₹12.13 billion | +26.5% |
| Current liabilities | ₹6.69 billion | ₹7.465 billion | +11.6% |
| Total liabilities | ₹16.55 billion | ₹20.14 billion | +21.8% |
| Current assets | ₹13.32 billion | ₹16.58 billion | +24.5% |
| Fixed assets | ₹3.22 billion | ₹3.56 billion | +10.5% |
| Total assets & liabilities | ₹17.00 billion | ₹20.00 billion | +22.0% |
| Long-term debt | - | - | Debt-free |
- Implication for capital structure: With no long-term debt and a 26.5% jump in net worth, equity provides the primary funding base; leverage is effectively concentrated in current liabilities rather than borrowings.
- Liquidity and working capital: Current assets rose faster (+24.5%) than current liabilities (+11.6%), improving near-term liquidity metrics despite higher short-term obligations.
- Asset growth: Total assets expanded 22% driven by both current asset increases and steady fixed-asset investment (+10.5%), supporting operational scale-up without new long-term leverage.
Triveni Turbine Limited (TRITURBINE.NS) - Liquidity and Solvency
Triveni Turbine's FY25 balance-sheet metrics show marked improvements in short-term liquidity and an absence of long-term debt that strengthens solvency. Current assets rose 24.5% to ₹16.58 billion in FY25 (from ~₹13.32 billion in FY24), while current liabilities stood at ₹7.465 billion, yielding a current ratio of ~2.22x. Total assets and liabilities increased to ₹20.00 billion in FY25 (up 22% from ₹17.00 billion in FY24). Net worth climbed 26.5% to ₹12.13 billion in FY25 (from ~₹9.59 billion in FY24). The company's debt-free capital structure improves financial flexibility and reduces leverage-driven risk.| Metric | FY24 | FY25 | Change |
|---|---|---|---|
| Current Assets | ₹13.32 billion (approx) | ₹16.58 billion | +24.5% |
| Current Liabilities | ₹7.465 billion (FY25 figure shown for reference) | ₹7.465 billion | - |
| Current Ratio | ~1.78x (approx) | ~2.22x | Improved |
| Total Assets / Liabilities | ₹17.00 billion | ₹20.00 billion | +22% |
| Net Worth (Shareholders' Equity) | ₹9.59 billion (approx) | ₹12.13 billion | +26.5% |
| Long-term Debt | Nil | Nil | Debt-free |
- Current ratio ≈ 2.22x in FY25 - indicates comfortable short-term liquidity.
- Current assets up 24.5% to ₹16.58 billion - improved working capital buffer.
- Total assets/liabilities rose 22% to ₹20.00 billion - balance sheet expansion.
- Net worth up 26.5% to ₹12.13 billion - stronger equity base.
- Zero long-term debt - enhances solvency and reduces financing risk.
Triveni Turbine Limited (TRITURBINE.NS) - Valuation Analysis
Triveni Turbine's current valuation reflects a mix of strong multi-year returns and recent price weakness. Analysts' price targets, elevated forward P/E multiples and volatile price action underscore both investor optimism about future earnings and near-term technical caution.- Analyst price targets: Motilal Oswal - ₹700; Geojit Financial - ₹656.
- Forward P/E: 36.1x on FY27E EPS and 32.0x on FY28E EPS.
- Momentum: 252% total return over 3 years; 847% total return over 5 years.
- 52-week trading range: Low ₹455.15 (07-Apr-2025); High ₹885 (26-Nov-2024).
- Technical stance: Bearish trend with lower highs and lower lows; RSI at 44.7 (neutral).
| Metric | Value |
|---|---|
| Motilal Oswal price target | ₹700 |
| Geojit Financial price target | ₹656 |
| Forward P/E (FY27E) | 36.1x |
| Forward P/E (FY28E) | 32.0x |
| 3-year stock return | 252% |
| 5-year stock return | 847% |
| 52-week low | ₹455.15 (07-Apr-2025) |
| 52-week high | ₹885 (26-Nov-2024) |
| Relative Strength Index (RSI) | 44.7 |
| Near-term technical pattern | Bearish - lower highs & lower lows |
- Valuation interpretation: Elevated forward P/E implies expectations of earnings growth; downside risk exists while the price forms lower highs/lows.
- Entry considerations: Compare current market price to analyst targets (₹656-₹700) and monitor whether earnings acceleration (to justify 36.1x/32.0x) materializes.
- Technical checks: RSI ~44.7 suggests no immediate extreme; confirmation of trend reversal requires higher highs and rising RSI above 50-60.
Triveni Turbine Limited (TRITURBINE.NS) - Risk Factors
- Geopolitical uncertainties have delayed order finalization and export orders, directly impacting revenue realization and margins.
- Q1 FY26 performance weakened: net profit fell 19.3% to ₹64.5 crore and revenue declined 19.9% to ₹371.3 crore.
- Market price action shows a sustained bearish structure with lower highs and lower lows, reflecting persistent selling pressure.
- Technicals: Relative Strength Index (RSI) at 44.7 - neutral territory, not signaling extreme reversal opportunities.
- Price vs. moving averages: the stock trades below the 5-, 10-, 20-, 30-, 50-, 100-, 150- and 200-day moving averages, indicating a broadly negative trend across short, medium and long terms.
- Export concentration and order-book timing risks: delays from key international buyers could prolong working capital stress and compress EBITDA margins.
- Interest-rate and currency volatility risk - higher borrowing costs and INR movements can erode profitability on export-linked contracts.
| Metric | Value / Status | Note |
|---|---|---|
| Q1 FY26 Revenue | ₹371.3 crore | Down 19.9% YoY |
| Q1 FY26 Net Profit | ₹64.5 crore | Down 19.3% YoY |
| RSI (current) | 44.7 | Neutral momentum |
| Moving Averages (price relation) | Below 5/10/20/30/50/100/150/200-day MAs | Bearish across all horizons |
| Price Pattern | Lower highs & lower lows | Consistent downtrend |
| Primary Operational Risk | Order finalization/export delays | Geopolitical exposure |
- Liquidity and working-capital strain: prolonged export delays can increase receivable days and reliance on short-term funding.
- Investor sentiment risk: persistent technical weakness may deter institutional interest until a clear trend reversal appears.
- Execution risk on large orders - contract overruns, supply-chain disruptions, or warranty claims could amplify downside in earnings.
Triveni Turbine Limited (TRITURBINE.NS) - Growth Opportunities
- Closing order book: ₹19.09 billion as of March 31, 2025 (up 23% YoY).
- Aftermarket momentum: increase in new, repeat and referral orders fueling short- to mid-term revenue visibility.
- Product & geographic diversification: initiatives to enter new products, applications and export markets to broaden revenue streams.
- Shareholder returns: stock total return of +252% over 3 years and +847% over 5 years, indicating strong historical capital appreciation.
| Metric | Value / Note |
|---|---|
| Order Book (Mar 31, 2025) | ₹19.09 billion (+23% YoY) |
| Aftermarket Contribution | Notable uplift from new, repeat & referral orders (materially improving visibility) |
| Product/Geography Strategy | Foraying into new products, applications and geographies |
| 3‑Year Stock Return | +252% |
| 5‑Year Stock Return | +847% |
| Short-term Moving Averages | Price trading above 5-, 10-, 20-, 30-day MAs |
| Long-term Moving Averages | Price trading below 50-, 100-, 150-, 200-day MAs |
| Price Trend | Bearish: consistent lower highs and lower lows |
- Near-term growth drivers:
- Large & growing order book providing revenue visibility.
- Aftermarket cross-sell and recurring service revenue improving margin stability.
- New product launches and market entries expected to capture additional TAM.
- Market/technical considerations:
- Strong multi-year returns attract investor attention despite recent bearish price structure.
- Technical setup: short-term momentum vs. longer-term resistance at 50-200 day MAs - watch for breakout or further consolidation.
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